SUBJECT:
Title
A Resolution of the Town Council of the Town of Erie Approving a Conditional Tax Increment Revenue Agreement for the Erie Town Center Urban Renewal Plan
Body
DEPARTMENT: Economic Development/TOEURA
Department
PRESENTER(S): Julian Jacquin, Director of Economic Development & TOEURA
Malcolm Fleming, Town Manager, TOEURA Executive Director
First Name Last Name, Title
TIME ESTIMATE: 30 minutes
only required for non-consent items
FISCAL SUMMARY:
Net positive over time based on the premise that "but for" the sharing of TIF through the URA new development will not happen as quickly as desired. See more details below.
POLICY ISSUES:
The policy issue is whether to share a portion of the Town's property tax and sales tax increment (TIF) to be generated by development in the proposed Erie Town Center Plan Area boundary. The TIF will be used to remediate blighting conditions to facilitate the development of the Town-owned property by Evergreen Devco in the Erie Town Center Planned Development (PD). Staff anticipate that remediating the blighting conditions (conditions created by historical mining activity in the area, rerouting the irrigation ditch, extending off-site utilities and other conditions) will stimulate development to happen earlier than would otherwise occur. This action makes sense on the premise that "but for" the sharing of TIF through the URA the new development will not happen as quickly as desired, and that sharing TIF will generate property and sales tax revenue that eventually offsets the TIF revenue shared with the URA, and after that it will generate more positive economic activity than would otherwise occur.
STAFF RECOMMENDATION:
Recommendation
Approve the Tax Increment Revenue Agreement.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
As explained in the previous Town Center Overview agenda item #25-114, the Town-owned Town Center site has historic undermining and other blighting factors that make development of ...
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